SaaS-based people analytics startup inFeedo, which operates an employee experience chatbot to identify disengaged employees who are likely to leave, announced this week that it has raised US$3.2 million in an oversubscribed funding round led by former Khosla Ventures partner Benjamin Ling, the founder of Bling Capital. Other participating investors include Maninder Gulati, Chief Strategy Officer at OYO, Munish Varma, Managing Director for EMEA at SoftBank, and Girish Mathrubootham, founder of Freshworks.
This is inFeedo's second successful funding round in 2020—the company had earlier this year raised US$700,000 from startup accelerator Y Combinator and other successful entrepreneurs.
Ling said of the latest funding round that inFeedo is well positioned for growth: "The timing couldn't have been better from a market perspective—employers are looking for ways to better connect with and empower their employees."
inFeedo's CEO and founder Tanmaya Jain said that the startup is looking to expand its customer base in the Asia Pacific region, with the objective of achieving US$10 million in revenue, and is now hiring for key leadership roles across its engineering, product, and marketing divisions.
"We are already cash-flow positive and growing fast but 2020 taught me the importance of building a war chest and a team of A-players that can help you stand out even during a crisis," Jain said. "With this fundraise, we will reinforce our belief to invest in incredible individuals driven by curiosity to unlock our next phase of growth. Most importantly, I'm extremely grateful to see the kind of wealth we've been able to create during a pandemic for our employees and investors, who stuck with us through thick and thin."
inFeedo has given US$1.1 million worth of partial exits to early investors and ex-employees.